Balanced Scorecard

The technique which took its first steps in 1990, was revealed by Kaplan and Norton in an article published in Harvard Business Review in  1992. Balanced Scorecard (BSC) is an approach that converts institutional vision and strategies into operations.

Strategies are converted to targets, and targets are converted to perspectives. It is stated that in order to develop long run strategies, not only financial indicators are necessary but also non-financial ones are also required to be used. In this regard, balanced scorecard is made of four perspective. These are perspectives of financial, customer, internal processes, learning and development.